Technology is beckoning business and professional services firms that are feeling squeezed by ongoing labor challenges. Whether higher salaries are cutting into profitability or job vacancies are outnumbering qualified applicants, digital solutions—specifically those that automate nonbillable or tedious tasks—can help increase productivity and boost the bottom line.
Key takeaways
- Law firms are recognizing that salary increases are not sustainable because of lasting impacts on profit margins, and they’re updating their workforce strategies accordingly.
- As lawyer billing rates increase, clients will value productivity and efficiency from their law firms more than ever.
- Digital solutions will be key to profitability and retaining talent.
- For environmental services firms, opportunities abound from the Infrastructure Investment and Jobs Act.
- Environmental services firms and waste management companies are investing in technologies that can either replace talent they’ve lost or enhance the productivity of talent they’ve retained.
- Data collection and analysis tools are producing valuable predictive insights for firms.
- Government contractors are recognizing the increasing need for artificial intelligence and machine-learning technologies in their offerings.
- American investment in hypersonic weapons represents a fledgling opportunity that contractors should become familiar with.
- The Biden administration’s clean energy initiatives make it imperative for contractors to have a handle on their procurement processes and operations.
Read the outlook for law firms
Read the outlook environmental and facilities services
Read the outlook for government contracting
